Montreal-based National Bank is Canada’s sixth-largest bank. It was founded as Banque Nationale in 1859, changing its name to National Bank of Canada when it merged with Provincial Bank of Canada, another Quebec-based institution.
Today, the bank has over $454 billion in assets and more than 30,000 employees. Its key Canadian businesses include personal and commercial banking, wealth management and financial markets.
Is National Bank right for you?
National Bank is best suited for customers residing in Quebec, which is where it does most of its business. It has special banking packages for newcomers to Canada, students and professionals who work in a variety of fields. It has less to offer to those living outside Quebec, especially if you want the option to access a bank branch. That said, National Bank’s acquisition of Canadian Western Bank, announced in June 2024, suggests the bank could be expanding its footprint across the country, making National Bank more accessible to all Canadians.
National Bank pros and cons
Pros
-
Competitive savings rates compared to other big banks
-
Special banking offers for newcomers to Canada, students and professionals
-
Generous welcome offer on World Elite Mastercard
-
Online brokerage includes free stock and ETF trades
Cons
-
High fees on chequing account packages
-
Limited branch network outside Quebec
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National Bank bank account options
National Bank offers four chequing account packages: Connected, Total, Minimalist and Modest. Each account has a monthly service fee, but you can waive the fee by maintaining a minimum monthly balance. Also, no-fee options are available for youth and students, and discounts are available for seniors. National Bank's USD account details are below.
USD Progress Account
National Bank offers a US dollar chequing account for clients who need to write cheques in USD., want a preferred exchange rate or frequently travel south of the border. The account is essentially a ‘pay-as-you-go’ account in that there is no monthly plan fee with included transactions. That said, there are no fees for in-branch transfers or withdrawals. Here is a list of other fees that apply:
- Bill payment: ($2.00/bill)
- Debit payment (electronic): $1.25
- Transfers between accounts (electronic): $1.25
- Other electronic transactions (including withdrawal, transfer to another person, international transfer): $1.25
- Sending an Interac e-Transfer: $1.25
- Cheque or pre-authorized debit: $1.25
- Paper statement or Passbook: $2.50 per month per account
- Automatic transfer: $1.50
National Bank special chequing account offers for newcomers
National Bank has special banking offers for newcomers to Canada. In addition to these discounts, newcomers will receive their first order of 100 cheques free of charge, no in-branch transaction fees for the first year, and a free paper statement in year one.
Here’s a closer look at what they can expect when they open a Connected account package with National Bank:
- Year one: No monthly account fees
- Years two and three: No monthly account fees if you meet three conditions: Sign up for online statements, open an eligible National Bank credit card, set up payroll direct deposit or make at least two electronic bill payments per month
- Year four: Fee returns to the standard $15.95 month (waivable with minimum balance)
If you’re looking for a place to store your excess cash and earn a little interest, National Bank has two options: A high-interest savings account, which pays a higher interest rate than a regular savings account at most banks, and the Cash Advantage Solution, which is considered a liquid investment account. The latter can be opened as a non-registered or registered account (TFSA, RRSP, FHSA).
High Interest Savings Account (HISA)
National Bank’s HISA pays 0.75% interest with no minimum balance requirement. This lags behind Canada's best high-interest savings accounts, but is competitive among the big banks. For example, TD pays 0.05%, while RBC’s High Interest eSavings offers 0.75%.
The account has no monthly maintenance fees or minimum balance requirement, and you can make unlimited free transfers between National Bank accounts. You can make one free ABM withdrawal a month, but all other debit transactions are $5 each. Also, note that this account can only be held as non-registered. If you want to open an RRSP, TFSA or FHSA savings account, consider the Cash Advantage Solution.
Cash Advantage Solution
The Cash Advantage Solution is a low-risk investment account that offers a tiered interest rate and access to cash, much like a savings account. It can be opened as a non-registered or registered account (RRSP, TFSA, or FHSA). Current rates are as follows:
*Rates are current as of March 28, 2025 and are subject to change.
This account may be worthwhile for clients with large amounts of non-registered cash or who need to park some money in a TFSA, RRSP or FHSA account. If you have less than $10,000 of non-registered funds, you’re better off putting it in a National Bank HISA, as it pays a higher interest rate up to that amount.
National Bank credit cards
National Bank has eight different Mastercards in its credit card lineup, including a World Elite rewards card, ideal for frequent travelers, a couple of cash back Mastercards and a reduced-rate credit card. Only two cards offer welcome bonuses, and its top cash back earn rates lag behind the best cash back credit cards in Canada. Here’s a closer look at National Bank’s most popular cards:
$1,153
First Year Value
$0
Annual Value
Get this card if you...
-
want to earn rewards on everyday purchases
-
need extensive travel insurance benefits
-
appreciate extra travel perks like travel credit
Annual Fee & Annual Interest Rates
$150
Annual Fee
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Our Take
The National Bank World Elite® Mastercard® is a premium travel rewards credit card offering elevated earn rates on purchases, with the highest rates applicable within a specific annual spending range. Cardholders benefit from comprehensive travel insurance, including emergency medical coverage and trip cancellation/interruption protection, as well as access to airport lounges through the Mastercard Travel Pass provided by DragonPass.
Eligibility
Very Good (671 - 739)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
-
Generous earn categories and welcome bonus
-
Flexible point redemption
-
Impressive $150 travel expense redemption
-
Robust insurance, including mobile device insurance
-
Industry-leading extended warranty and purchase protection
Cons
-
$2,500 spend cap on the max rewards earn rate (from 5 points down to 2 points)
-
High income requirement of 80,000 individual or $150,000 household
-
Lounge visits are only available at one airport
-
High credit score needed
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$150
Annual Fee
2.50%
Foreign Transaction
Rewards NBC points
5 points
for every dollar spent at grocery stores and restaurants
2 points
for every dollar spent on gas, EV charging, recurring bill payments and A la carte travel
1 point
for every dollar spent on all other purchases
$5,000,000
Maximum for the out-of-province-of-residence emergency medical coverage for up to 60 days
Insurance Benefits
15
Emergency medical insurance over 65 days
$65,000
Rental car insurance amount
Our Take
The National Bank World Elite® Mastercard® is a premium travel rewards credit card offering elevated earn rates on purchases, with the highest rates applicable within a specific annual spending range. Cardholders benefit from comprehensive travel insurance, including emergency medical coverage and trip cancellation/interruption protection, as well as access to airport lounges through the Mastercard Travel Pass provided by DragonPass.
Eligibility
Very Good (671 - 739)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
-
Generous earn categories and welcome bonus
-
Flexible point redemption
-
Impressive $150 travel expense redemption
-
Robust insurance, including mobile device insurance
-
Industry-leading extended warranty and purchase protection
Cons
-
$2,500 spend cap on the max rewards earn rate (from 5 points down to 2 points)
-
High income requirement of 80,000 individual or $150,000 household
-
Lounge visits are only available at one airport
-
High credit score needed
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$150
Annual Fee
2.50%
Foreign Transaction
Rewards NBC points
5 points
for every dollar spent at grocery stores and restaurants
2 points
for every dollar spent on gas, EV charging, recurring bill payments and A la carte travel
1 point
for every dollar spent on all other purchases
$5,000,000
Maximum for the out-of-province-of-residence emergency medical coverage for up to 60 days
Insurance Benefits
15
Emergency medical insurance over 65 days
$65,000
Rental car insurance amount
This premium rewards credit card features a generous welcome bonus worth as much as $1,352 during the first year, and accelerated earn rates for groceries, restaurants, gas and EV charging and recurring bill payments. It also offers flexible redemption options, including travel, gift cards, merchandise and statement credits. The annual fee is $150, and the minimum income requirement is $80,000 per individual or $150,000 per household.
Cash back credit cards are designed to reward cardholders for their everyday spending and can include additional benefits. Most cash back credit cards give you the option to apply the cash back you’ve earned to your credit card account balance.
$237
First Year Value
$0
Annual Value
Get this card if you...
-
want to earn cash back on everyday purchases
-
value extended warranty and purchase protection
-
don't mind paying a modest annual fee
Annual Fee & Annual Interest Rates
$30
Annual Fee
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Our Take
The National Bank ECHO Cashback Mastercard is a cash back credit card that offers elevated rewards on purchases such as groceries, gas, and select online transactions. It includes benefits like purchase protection and extended warranty, catering to individuals seeking to maximize rewards on everyday spending.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
Earns up to 1.5% cash back on groceries, gas, and select online purchases
-
Redemption is available once $25 cash back accumulated
-
Supplementary cards have no fee
-
Purchase protection for 90 days against theft or damage
-
Extended Warranty doubles manufacturer's warranty up to one year
Cons
-
Limited 1.5% cashback applies only to first $25,000 annual spending
-
Online purchases excluded from higher cashback rate if related to travel or recurring bills
-
$30 annual fee, unlike some competing no-fee cashback cards
-
Requires higher annual spending to offset annual fee
-
Limited acceptance compared to Mastercard by some merchants
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$30
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
1.5%
The ECHO Mastercard earns 1.5% cash back on groceries, gas and most online purchases. All eligible purchases outside those three categories earn 1% cash back.
Our Take
The National Bank ECHO Cashback Mastercard is a cash back credit card that offers elevated rewards on purchases such as groceries, gas, and select online transactions. It includes benefits like purchase protection and extended warranty, catering to individuals seeking to maximize rewards on everyday spending.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
Earns up to 1.5% cash back on groceries, gas, and select online purchases
-
Redemption is available once $25 cash back accumulated
-
Supplementary cards have no fee
-
Purchase protection for 90 days against theft or damage
-
Extended Warranty doubles manufacturer's warranty up to one year
Cons
-
Limited 1.5% cashback applies only to first $25,000 annual spending
-
Online purchases excluded from higher cashback rate if related to travel or recurring bills
-
$30 annual fee, unlike some competing no-fee cashback cards
-
Requires higher annual spending to offset annual fee
-
Limited acceptance compared to Mastercard by some merchants
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$30
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
1.5%
The ECHO Mastercard earns 1.5% cash back on groceries, gas and most online purchases. All eligible purchases outside those three categories earn 1% cash back.
This card offers up to 1.5% cash back on purchases, including 1% on all eligible purchases and an additional 0.5% on the first $25,000 of eligible gas, grocery and online purchases made each year. Insurance benefits are limited, however, the card includes extended warranty and purchase protection and a low $30 annual fee. At the time of this writing, the Echo Cashback is not offering a welcome bonus.
$141
First Year Value
$0
Annual Value
Get this card if you...
-
want to earn cash back with no annual fee
-
have a fair credit score
-
aren't interested in fancy credit card perks
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Our Take
The National Bank mycredit™ Mastercard® is a no-annual-fee credit card offering cash back on dining and pre-authorized payments, with a lower earn rate on other purchases. It includes benefits such as mobile device insurance and purchase protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
Pros
-
No annual fee
-
$0 fee for additional cards
-
Low credit score requirement
-
Mobile device protection
-
Cash back automatically applied to next statement balance
-
Zero liability for unauthorized purchases
-
0.5% cash back on all other purchases is on par with other entry-level cards
Cons
-
Low earn top rate of 1% compared to premium and similar entry-level cards level cards
-
Higher interest rates
-
Limited bonus categories with only two offered and no flexibility when selecting
-
No current welcome bonus
-
Not many additional perks offered
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
1%
cashback at restaurants and on pre-authorized payments
0.5%
cashback on groceries and online purchases
2 years
of mobile device insurance against theft or damage
2x
the manufacturer's warranty
90 days
of purchase protection from theft or damage from date of purchase
Insurance Benefits
$1,000
Mobile device insurance amount
Our Take
The National Bank mycredit™ Mastercard® is a no-annual-fee credit card offering cash back on dining and pre-authorized payments, with a lower earn rate on other purchases. It includes benefits such as mobile device insurance and purchase protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
Pros
-
No annual fee
-
$0 fee for additional cards
-
Low credit score requirement
-
Mobile device protection
-
Cash back automatically applied to next statement balance
-
Zero liability for unauthorized purchases
-
0.5% cash back on all other purchases is on par with other entry-level cards
Cons
-
Low earn top rate of 1% compared to premium and similar entry-level cards level cards
-
Higher interest rates
-
Limited bonus categories with only two offered and no flexibility when selecting
-
No current welcome bonus
-
Not many additional perks offered
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
1%
cashback at restaurants and on pre-authorized payments
0.5%
cashback on groceries and online purchases
2 years
of mobile device insurance against theft or damage
2x
the manufacturer's warranty
90 days
of purchase protection from theft or damage from date of purchase
Insurance Benefits
$1,000
Mobile device insurance amount
If you’re looking for a no-annual-fee credit card that still offers some perks, the mycredit Mastercard might fit the bill. It doesn’t charge an annual fee, but cardholders receive up to 1% cash back, including 0.5% cash back on all eligible purchases and an additional 0.5% cash back at restaurants and on recurring pre-authorized payments. In addition to extended benefits and purchase protection, cardholders also receive mobile device protection, which covers you against theft or damage for up to two years following purchase.
Syncro Mastercard: For cardholders who plan to carry a balance occasionally, the Syncro Mastercard offers a reduced purchase interest rate of 8.95% and a cash advance rate of 12.95%. It also comes with a low annual fee of only $35, but it does not earn cash back or rewards points. Benefits include extended warranty, purchase protection and Mastercard’s zero liability protection.
Investing and wealth management
National Bank’s online brokerage, National Bank Direct Brokerage (NBDB), is popular with self-directed investors across Canada, due to its commission-free online stock and ETF trades. While a few Canadian brokers, like Wealthsimple and Desjardins Online Brokerage, now offer free trades as standard, NBDB is the only Big 6 bank brokerage to do so. Here’s a closer look at National Bank’s other investing options.
GIC options
If you’re looking for a potentially higher return on your savings while still protecting your principal, National Bank offers four types of guaranteed investment certificates (GICs). Non-redeemable GICs typically offer the highest guaranteed returns, but cannot be cashed early without a penalty. Redeemable GICs offer modest returns with more flexible redemption options. Market-linked GICS combine a principal guarantee with market-linked returns, and USD GICs allow you to keep your savings in US currency.
Registered investment accounts
National Bank offers the following registered plan types:
- Registered Retirement Savings Plan (RRSP)
- Registered Retirement Income Fund (RRIF)
- Tax Free Savings Account (TFSA)
- Registered Education Savings Plan (RESP)
- First Home Savings Account (FHSA)
- Locked In Retirement Account (LIRA)
Money in these accounts can be invested in cash, GICs and mutual funds.
Wealth management services
National Bank’s wealth management team, which includes over 850 professional advisors, provide assistance with portfolio management, financial planning, tax planning and estate planning.
National Bank loans and borrowing options
National Bank offers several types of loans, including personal, RRSP, car loans, lines of credit and home equity lines of credit (HELOC). Its home equity line of credit is called the All-In-One, and can be issued as a line of credit only or a combination loan and line of credit.
National Bank’s RRSP loans can be issued as a loan or a line of credit, with the latter offering the flexibility of not having to re-apply for a new loan every year.
Personal loan interest rates can be fixed or variable, and vary depending on the borrower’s credit strength and the amount of the loan.
National Bank provides a full selection of mortgage options, including fixed-rate mortgages with terms ranging from three months to five years, a five-year variable rate and a capped-rate mortgage. The capped-rate mortgage fluctuates like a variable, but the rate won’t exceed the interest rate cap, offering peace of mind for borrowers.
At the time of this writing, National Bank is offering various mortgage cash back promotions, including up to $3,000 on a new eligible mortgage of $100,000 or more. You can even earn $1,250 cash back if you transfer a qualifying mortgage to National Bank from another mortgage lender.
Online and mobile banking
National Bank’s mobile app is available on both iOS and Android devices. It offers all of the features you would expect from a major bank app, including mobile cheque deposit and Interac e-Transfers. You can also access your personal and small business banking accounts from the app.
Security features
National Bank offers several tools to help prevent fraud. This includes two-factor authentication to secure the account sign-in process, email alerts to help you monitor your account activity and a peace of mind guarantee, which fully-reimburses customers if their accounts become compromised due to fraud.
National Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means that eligible deposits are protected up to a total of $100,000 per category in the event of insolvency. National Bank offers nine different deposit categories, so you could receive more than $100,000 of coverage.
Here is a list of fees you can expect to pay when dealing with National Bank:
Monthly fees: National Bank charges monthly fees on its Canadian dollar chequing accounts, but except for the no-frills Minimalist account, the fee can be waived if you maintain a minimum monthly balance. Its US dollar and HISA don’t charge a monthly fee, but there are fees for certain transactions.
Other account fees: Below is a list of other fees you might have to pay with National Bank, depending on how you use your account:
- In-branch withdrawal, transfer, or withdrawal for bill payment: $1.50
- In-branch bill payment: $2.00/bill
- Preauthorized payment: $1.25
- Debit purchase: $1.25
- Cheque: $1.25
- Sending an e-Transfer: $1.25
- Cancelling an e-Transfer: $3.50
- High Interest Savings Account withdrawal: $5.00
- Interac Network ABM: $2.00/transaction
- Cirrus Network ABM: $3.00/transaction
- The EXCHANGE Network ABM: Free
- CAD Bank draft: $9.00
- USD Bank draft: $9.00-$12.50
- Stop payment: $16.00
- NSF fee: $45
Investment Fees: The following fees apply to various National Bank investment and credit card accounts:
- Registered plan transfer out: $86.97 plus taxes per transfer
- Registered plan partial or total withdrawal: $86.97 plus taxes per transfer
Credit Card Fees:
- World Elite Mastercard: $150 annual fee
- Platinum Mastercard: $70 annual fee
- mycredit Mastercard: $0 annual fee
- Syncro Mastercard: $35 annual fee
- Foreign transaction fee: 2.5%
- Cash advance fee: $0
- Balance transfer fee: $0
Customer reviews and feedback
Overall sentiment
National Bank’s full-service wealth management operation was ranked #1 for investor satisfaction in J.D. Power’s 2024 ranking. Regarding its personal banking products and services, online reviews tend to be positive overall. In National Bank-related Reddit threads, I noticed several positive comments about its special banking offers for professionals and students.
Common complaints
Negative commentary about National Bank pertains to the lack of branches outside of Quebec, which makes things difficult for customers in other provinces who prefer in-person banking. That said, the bank recently announced a $5 billion deal to acquire Canadian Western Bank, with the intention of expanding its banking footprint across Canada.
CWB has 39 branches, including 30 in BC and Alberta. The deal was cleared by the Competition Bureau in September 2024, so in the coming years, expect to see a stronger National Bank presence across Western Canada.
Positive feedback
National Bank’s mobile app has received strong ratings on both the Apple App and Google Play stores, with scores of 4.8 and 4.7 stars (out of 5), respectively. While there are several negative reviews on both stores regarding app performance, many of the comments are six or seven years old. National Bank has clearly made improvements since then.
How National Bank compares to other banks
When it comes to day-to-day banking, National Bank is similar to the other big banks in Canada. Its monthly fees are comparable, and customers can avoid fees by maintaining a minimum monthly balance.
National Bank also has a wide range of other products, such as investments, wealth management services, an online brokerage, credit cards, loans and mortgages. Perhaps the biggest difference between National Bank and a BMO or Scotiabank is the limited branch network outside of Quebec. In that regard, National Bank is still very much a regional financial institution.
Online-only banks like EQ Bank or Neo Financial offer two key benefits: No monthly fees and high interest on savings. National Bank bridges the gap somewhat with its Cash Advantage Solution account, which pays up to 2.75% interest.
Unfortunately, you need to have over $500,000 in your account to get that rate. When it comes to account fees, there’s no comparison. Online banks typically offer unlimited transactions with no monthly fees or minimum balance requirements.
With their strong Quebec presence, Desjardins and Laurentian Bank are natural competitors to National Bank. Desjardins is a credit union with over 200 branches in the province. Laurentian is a Schedule 1 bank offering a wide range of products and services. Desjardins’ bank account pricing is similar to National Bank’s. It offers an Unlimited Plan for $15.95 a month, with the option to waive fees by maintaining a minimum balance of $4,000.
Its premium chequing account, Unlimited Plus, is cheaper than National Bank’s Total account ($21.95 vs. $28.95). Laurentian Bank doesn’t provide an option to waive account fees, but it does offer a digital-only chequing and savings account option, with no monthly fees.
Frequently Asked Questions (FAQs)
Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.
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